VSH vs VXZ: Correlation
Vishay Intertechnology, Inc. (VSH) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) show a negative relationship: their 3-year correlation of weekly returns is -0.40.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VSH and VXZ?
On 3 years of weekly data the VSH/VXZ correlation comes out at -0.40, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.31 over 1 year against -0.40 over 3. The 5-year figure is -0.43, and annualized covariance runs at -535.2 %².
Among the 16 assets we track against VSH, VXZ sits near the bottom by co-movement, at rank #15. Their recent paths diverged sharply: over the last 12 months VSH outperformed by 124.7 percentage points (+108.6% for VSH against -16.1% for VXZ). One caveat on sizing: VSH is 2.0 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
VSH vs VXZ: side by side
| VSH (Vishay Intertechnology, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +108.6% | -16.1% |
| 5-year return | +55.5% | -53.1% |
| Volatility (ann.) | 51.7% | 25.6% |
| Beta vs S&P 500 | 1.86 | -1.31 |
| Max drawdown (3Y) | -60.4% | -36.4% |
| Market cap | $4.9B | – |
| P/E (trailing) | 151.1 | – |
| Dividend yield | 1.30% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VSH | VXZ |
|---|---|---|
| 2022 | +0.7% | +0.5% |
| 2023 | +13.0% | -44.0% |
| 2024 | -27.9% | -12.7% |
| 2025 | -12.2% | +5.7% |
| 2026 | +120.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VSH and VXZ good diversifiers for each other?
Yes: at -0.40, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between VSH and VXZ?
Using weekly returns as of 2026-08-27: -0.40 over 3 years, with -0.31 over the last year and -0.43 over 5 years.
Is VXZ a good diversifier for VSH?
Yes: at -0.40, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.40 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/vsh-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/vsh-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: VSH correlations · VXZ correlations
